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The share of Bitcoin holdings currently in profit has fallen to 53.8%, according to an analysis by on-chain analyst Darkfost. The figure excludes BTC held for more than 10 years and comes after the ratio briefly rose above 60% before declining again.
Darkfost said on X that Bitcoin’s profit-share ratio moving around 50% has consistently appeared near the end of bear markets. Darkfost added that after large-scale selling pushes the ratio below 40%, it usually takes time for the metric to move back above 50% on a stable basis.
While the amount of BTC back in profit has increased slightly, holders do not yet appear confident enough in those gains to step up additional buying, Darkfost said. More time is needed for fresh buying pressure to enter the market and for investor sentiment to stabilize, according to the analyst.